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McLean County Times

Tuesday, November 26, 2024

Former state school employee Martin paid in $66K to teachers' pension fund, could collect $1.45M in retirement

Money759

Former state school employee Arlene Martin, who retired in May 2016, saved $66,202 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Martin received $30,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $94,023 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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